In a piece of news that should surprise very few people, Lehman Brothers has cut the stock ratings on the Walt Disney Company, Time Warner and several other top entertainment companies. The reasons behind this include the rise of legal digital downloading cutting into advertising revenue and the concern of piracy cutting into primary profits such as DVD sales."To be clear, our fear is that the damage that digital distribution inflicted on the music industry will replicate itself in the movie industry, and our fears are too great to justify keeping neutral or positive ratings on the creators and distributors of movie and TV content," wrote analyst Anthony DiClemente.
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